Mir Steel UK to Invest $5 Billion in Brazil Venture, Valor Says

Russian billionaire Igor Zyuzin’s Mir Steel UK agreed to invest $5 billion in a steel complex in Brazil with Cia. Siderurgica do Para, Valor Economico reported.

The joint venture’s project in the northern state of Para will include a slab mill and a port, the Sao Paulo-based newspaper reported, without saying where it got the information.

Zyuzin will control 75 percent of the investment through Mir Steel UK, Valor said. Cosipar, as the Maraba, Brazil-based company is known, will have the additional 25 percent through its pig iron producer Usipar, Valor said.

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at o jspinetto@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.